You may be offered an incentive to transfer your pension benefits out of the scheme at the same time that you are being made redundant (or shortly thereafter). Whether to stay in your pension scheme or cancel your benefits by accepting a transfer payment is a big decision.

The issue of incentives: whether it is morally correct to offer them; why they are being offered, who is offering to pay them, how they are paid; whether tax and National Insurance charges arise, means that incentives have to be considered very carefully by the member and to do this the need for advice is absolutely paramount.

What is an incentive and how does it work? See our Factsheet for other considerations you should take into account.

To find out more, choose one of our free Factsheets on the right to match your category of membership.